What is AML for Estate Agents?
In property and real estate, Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CTF) compliance are legal requirements placed on all estate agents to help authorities prevent criminal and terrorist organisations from exploiting financial systems, including real estate transactions, to conceal the origins of illegally obtained money. For estate agents specifically, the law requires you to do certain checks on any current, new or prospective customers before entering into any business relationship and continuously after, to ensure that your business doesn’t get exploited by criminals.
How to Ensure Estate Agency Compliance with AML & CTF
Different countries and regions might have unique requirements, but in general anti-money laundering regulations for real estate transactions requires you to first verify people’s identity before starting a business relationship (the normal Know Your Customer [KYC] and Due Diligence steps you might already be familiar with). Secondly, estate agents are required to check all existing, new and potential customers against international Sanctions Lists (lists of people, organisations and governments that have been identified as being involved in illegal or prohibited activities, such as terrorism, money laundering, drug trafficking, and other forms of financial crime). That is called Sanction Screening – and that is what we at ZenDetect do for estate agents. We help you automate your ongoing Sanction List screening so that you can just focus on your business, knowing your estate agent’s AML compliance is taken care of.
An extremely important part of AML compliance in property and real estate is ongoing monitoring. See, many estate agents perform Sanction Screening only once (at the start of the business relationship), or simply not often enough – perhaps because it’s such a complicated and laborious process.
ZenDetect Sanction Screening is fully automated and ongoing, you activate it once and it keeps screening all new and existing customers the whole time. So its the fastest and best way to get 100% AML compliant if you’re an estate agent or agency.